Hirsch Financial Services, Inc.
Location: 4 North Park Drive, Suite 500, Hunt Valley, MD 21030
Phone: (888)460-8005 or (410)771-1331
Fax: (888)510-4218 or (410)771-5533
Hirsch Financial Services Website: www.hfsbenefits.com
This benefit is available to all regular full-time faculty and staff. The subscriber number is the employee’s social security number.
Authorized by the Internal Revenue Service (IRS), a Flexible Spending Account (FSA) is a tax-advantaged way to pay for certain medical and/or dependent care expenses. This added benefit allows you to pay for these expenses using pre-tax dollars; therefore, your taxable income is lowered resulting in a higher take home pay.
There are two types of FSAs. First, the Health Care FSA helps you to pay for medically necessary expenses not covered or only partially covered by your health, dental and/or vision insurance. Second, the Dependent Care FSA helps you to pay for certain dependent care expenses such as day care for a child or elderly adult. You may elect to participate in one or both of these accounts.
The minimum annual election for either (or both) accounts is $100, and the maximum annual election for either (or both) accounts is $5,000.
Specific limitations apply for both accounts. For more detailed information, refer to the Plan Document.
Enrollment
You can enroll in one or both accounts within 31 days of date of hire, within 31 days of a qualifying event (as defined in IRS regulations) as well as during the annual open enrollment. At the time of enrollment, you determine how much to contribute to each account. Please note that if you participate in both the Health Care FSA and the Dependent Care FSA, there will be two separate withholdings noted on your pay stub. These contributions will be deducted from your paycheck evenly over a calendar (taxable) year. You are encouraged to calculate reimbursable costs carefully. Any unused funds left in an account after the end of a calendar (taxable) year must be forfeited. This is an IRS regulation.
Reimbursement
At the time of service, you have two options for payment and/or reimbursement:
- Claim form – you may pay out-of-pocket and then submit a request for reimbursement, with appropriate receipts, to Hirsch Financial Services.
- Debit card – you may provide your debit card at point of service to have the expense deducted directly from your FSA account. Be sure to maintain all receipts from debit card purchases in the event your account is audited.
Questions regarding this policy should be directed to your HR Representative.
Other information: